Shadow banking regulation in the United States

2018-11-06 来源: 51due教员组 类别: 更多范文

下面为大家整理一篇优秀的assignment代写范文- Shadow
banking regulation in the United States，供大家参考学习，这篇论文讨论了美国影子银行的监管。影子银行，指的是在传统银行体系之外，采用非传统信贷融资方式，不受监管或少受监管的信用中介实体或信用中介活动。美国在全球经济和金融体系中占据最重要的地位，其影子银行监管改革将对全球产生重要的实质性影响，世界各国的金融监管制度在很多方面都以美国的做法为参考，有很多美国式监管的烙印，新监管法案将对全球影子银行监管制度产生巨大的影响。

The
United States in the global economy and financial system is the most important
position, its shadow banking regulatory reform will be a important substantial
impact on the global, the world's financial regulatory system in many respects
to the U.S. approach for reference, there are a lot of American regulation, new
regulations will have a significant impact on global shadow banking supervision
system.

At
present, countries and economic organizations do not have a unified
understanding of the scope and measurement of shadow bank, so shadow banking
does not have an exact definition. According to relevant literature, the concept
of "shadow banking" was first proposed by McMulley, executive
director of Pacific, who believed that shadow banking refers to a wide range of
financial institutions that are outside the financial regulatory system, also
known as "parallel banking institutions". Domestic scholars also have
different understandings of the definition of shadow banking. Some domestic
scholars believe that the definition of shadow banking should be based on wide
scope. For example, yuan dazong believes that shadow banking is an entity and
activity outside the traditional banking system, covering all kinds of
financial institutions outside the traditional banking system. Some scholars
believe that shadow banking does not include all non-bank financial
institutions. For example, qin ling believes that shadow banking is a financial
system that includes investment Banks, hedge funds, and structured investment
vehicles, which can provide liquidity but not take deposits as traditional
Banks do.

Although
there is no exact definition of shadow banking, scholars have some common
definitions of it. First, shadow banking is a non-banking financial institution
that performs similar banking functions. Second, shadow banking is unregulated
or less regulated. Third, shadow banking credit financing is different from
traditional Banks. According to these common features, from the perspective of
being able to conduct comprehensive supervision on China's shadow banking, the
author thinks that the definition of shadow banking should adopt a broad measure.
Therefore, shadow banking refers to the credit intermediary entities or credit
intermediary activities that are outside the traditional banking system and
adopt non-traditional credit financing methods, which are not regulated by or
less regulated by the regulatory authorities.

The
first chapter of the bill deals with promoting Financial Stability, creating
the Financial Stability Oversight Council, a 15-member panel comprising 10
voting members and five non-voting members. Section 112 of the bill provides
the financial stability oversight council with 14 items of authority, including
the eighth item, which requires the federal reserve to supervise non-bank
financial institutions that may affect the financial stability of the United
States. Item 9: recommend the federal reserve to impose stricter supervision
standards on non-bank financial institutions and large bank holding companies
supervised by the federal reserve; Item 10: identify systemically important
financial institutions and regulate them by the federal reserve according to
the standards set forth in the bill.

Under
section 113 of the dodd-frank act, the financial stability oversight board
should consider the factors that should be taken into account when identifying
non-bank financial institutions that should be regulated by the fed. According
to the regulation of the law, if the financial stability oversight council
believes a non-bank financial institution will threaten America's financial
stability, financial stability oversight council in won more than two-thirds of
the voting power of the majority of cases, it can be the systemically important
non-bank financial institutions under the supervision of the federal reserve.
The e-h clause of the bill sets out the administrative and judicial relief
provisions that regulate non-bank financial institutions. Hearing system: the
financial stability supervision committee shall have the right to apply for
hearing and answer within 30 days after written notice to the regulated
non-bank financial institutions. Judicial review: after the financial stability
oversight board makes its final decision, non-bank financial institutions have
the right to file lawsuits with local courts or the district of Columbia
courts. Such a review is limited to whether the financial oversight council's
provisions under this article are arbitrary or arbitrary. Section 114 of the
dodd-frank act provides that non-bank financial institutions identified by the
financial stability board to be regulated by the federal reserve shall register
with the federal reserve 180 days after the final decision is made and disclose
the necessary information to the federal reserve. This would fill the gap in
regulation of non-bank financial institutions.

The
dodd - frank act a ban on Banks' proprietary trading as prescribed in article
619 of the "volcker rule", the clause was named after former fed
chairman Paul volcker, its connotation is to limit Banks' proprietary trading
and owning hedge funds or private equity fund shares, volcker rule is a firewall
between traditional Banks and shadow Banks, to prevent internal accumulation of
shadow banking systemic risk to the spread of traditional Banks, resulting in
systemic risk, affect the stability of the financial system.

Section
619 of the act makes it clear that Banks cannot engage in proprietary trading
and invest in hedge funds and private equity funds other than those allowed
under section d. Proprietary trading here means that a bank is not allowed to
trade or dispose of financial instruments on its own behalf. These financial
instruments include but are not limited to any securities, derivatives,
commodity futures contracts and securities or other trading instruments
identified by the securities and futures trading commission and the commodity futures
trading commission in the relevant regulations. Banks should not invest more
than 3 per cent of their total equity in hedge funds and private equity funds,
and not more than 3 per cent of their tier one capital.

The
provision requires systemically important non-bank financial institutions to
have high capital and limit the amount of capital they can carry out when
conducting proprietary trading and investing in hedge and private equity funds.

The
bill stipulates that not all proprietary trading by Banks and investments in
hedge funds and private equity funds are allowed. Under section d of section
619 of the dodd-frank act, there are as many as 10 exceptions that limit Banks'
proprietary trading.

In
chapter 9 of dodd-frank act, asset securitization institutions should keep
certain risks when issuing and selling asset-backed securities. The act
requires asset securitization institutions to keep at least 5% risks of assets
securitized, which is the risk retention limit of asset securitization. It also
requirements on information disclosure of asset-backed securities, the act of
947 stipulated in article, asset securities supervision committee for each kind
of ABS support asset information to be disclosed, in order to make investors
securities assets behind the real information, avoid to cause asset
securitization information asymmetry between issuers and investors.